U.S. crude ended up 74 cents at $100.74 barrel, the top settlement on record, after hitting an all-time high of $101.32 a barrel earlier in the day. The gains sent crude near the all-time inflation adjusted high of $101.70 hit in April 1980, a year after the Iranian revolution, according to the International Energy Agency.

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“We’re looking at retail prices for regular unleaded of $3.50 to $3.75 in April and May,” said Tom Kloza, an analyst with Oil Price Information Service. “Those will be records.” The record of $3.22 a gallon was set last May.

Mr. Kloza also predicted record highs for diesel and jet fuel “within the next 90 days.”

Wheat for May delivery shed 14 cents to settle at $10.325 a bushel on the Chicago Board of Trade, after earlier falling as low as $10.22 a bushel. Wheat hit an all-time high of $11.6975 a bushel earlier this month.

Other agriculture futures traded mixed. Soybeans for March delivery fell 0.75 cent to settle at $14.17 a bushel on the CBOT, while March corn gained 3.5 cents to settle at $5.235 a bushel.